金融会计第四章financial accouting chapter4原版英文课件(含解说注释).ppt

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1、TheAccountingCycle:AccrualsandDeferralsChapter4McGraw-Hill/IrwinAdjustingentriesareneededwheneverrevenueorexpensesaffectmorethanoneaccountingperiod.Everyadjustingentryinvolvesachangeineitherarevenueorexpenseandanassetorliability.AdjustingEntries4-2PriorPeriodsCurrentPeriodFuturePeriodsTrans

2、actionPaidcashinadvanceofincurringexpense(createsanasset).EndofCurrentPeriodAdjustingEntryRecognizesportionofassetconsumedasexpense,andReducesbalanceofassetaccount.ConvertingAssetstoExpenses4-3TheConceptofDepreciationDepreciationisthesystematicallocationofthecostofadepreciableassettoexpen

3、se.Cash(credit)FixedAsset(debit)Ondatewheninitialpaymentismade...Theasset’susefulnessispartiallyconsumedduringtheperiod.Atendofperiod...DepreciationExpense(debit)AccumulatedDepreciation(credit)4-4OnMay2,2009,JJ’sLawnCareServicepurchasedalawnmowerwithausefullifeof50monthsfor$2,500cash.Usingth

4、estraight-linemethod,calculatethemonthlydepreciationexpense.$2,50050=$50Depreciationexpense(perperiod)=CostoftheassetEstimatedusefullifeDepreciationIsOnlyanEstimate4-5JJ’sLawnCareServicewouldmakethefollowingadjustingentry.Contra-assetDepreciationIsOnlyanEstimate4-6JJ’s$15,000truckisdepreciat

5、edover60months.Calculatemonthlydepreciationandmakethejournalentry.$15,00060months=$250permonthDepreciationIsOnlyanEstimate4-7Accumulateddepreciationwouldappearonthebalancesheetasfollows:DepreciationIsOnlyanEstimateCost-AccumulatedDepreciation=BookValue4-8PriorPeriodsCurrentPeriodFuturePer

6、iodsTransactionCollectcashinadvanceofearningrevenue(createsaliability).EndofCurrentPeriodAdjustingEntryRecognizesportionearnedasrevenue,andReducesbalanceofliabilityaccount.ConvertingLiabilitiestoRevenue4-9PriorPeriodsCurrentPeriodFuturePeriodsTransactionPaycashinsettlementofliability.Endof

7、CurrentPeriodAccruingUnpaidExpenses4-10PriorPeriodsCurrentPeriodFuturePeriodsTransactionCollectcashinsettlementofreceivable.EndofCurrentPeriodAdjustingEntryRecognizesrevenueearnedbutnotyetrecorded,andRecordsreceivable.AccruingUncollectedRevenue4-11